Refer to the diagram and assume the economy is initially at point b 1 . Which of the following movements is consistent with the traditional Phillips Curve?
A. The movement from b 1 to b 2.
B. The movement from b 1 to c 1.
C. The movement from c 1 to b 2.
D. The movement from b 2 to b 1.
B. The movement from b 1 to c 1.
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Over the last 50 years or so, the rate of growth of average working hours has been mostly negative
a. True b. False
On average over the last century, the U.S. population has grown three times as fast as the U.S. real GDP.
Answer the following statement true (T) or false (F)
Which of the following is not true for a firm in perfect competition?
A) Profit equals total revenue minus total cost. B) Price equals average revenue. C) Average revenue is greater than marginal revenue. D) Marginal revenue equals the change in total revenue from selling one more unit.
What is expansionary fiscal policy? What is contractionary fiscal policy?
What will be an ideal response?